The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Should I outsource bookkeeping, accounting & taxes to this monthly subscription company?

Taxes and regulation

PersianCub

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
132%
Feb 28, 2018
117
154
Atlanta
So I'm 2 months into this venture which has proven to be highly valuable and people are jumping on it immediately. It has extremely low overhead, all I pay for is the monthly services to operate it. I have the extra cash to spend on something like this.
There's company https://mazumausa.com that apparently handles your entire financial process on the legal end of things, gives you unlimited access to an accountant and tax professional, all for $180 a month.
Now keep in mind, my operation is small with just 6 clients and 1 independent contractor at the moment.

Am I getting ahead of myself, or would it be better to invest into something like this from the get go?
I know absolutely nothing about bookkeeping, accounting, taxes etc.

Thank you
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

CareCPA

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
356%
May 2, 2017
976
3,479
35
Pennsylvania
1. You probably don't need it. Setup a separate bank account, don't mix with personal, and while your activity is low you can just do a year-end summary. I doubt at your size that the monthly financials will give you any actionable insight.
2. I have no idea how that business is making a profit. At those prices, I can't afford decent US-based help. Either they're lying about where their staff is, they are massively over-loaded on a per-accountant basis, or they're happy to bleed money until they get acquired/funded/IPO.
 

LightHouse

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
163%
Aug 13, 2007
4,297
6,995
Northern VA
If the cost makes sense compared to what you are bringing in... YES. This is one of the first things I suggest anyone to do. Eliminate the background business work so you can focus on biz dev and fulfillment. You need to focus on growth while someone else works on counting beans for 1/8th of your time value.

It does a lot for reducing stress and anxiety as well when you get into the thick of things. Just make sure they report things to you in the way you need to see the data so you can make good decisions based off of your monthly or bi-weekly reports.
 

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,120
43,260
Scottsdale, AZ
Price seems very low. If I were you I'd definitely do the $30/mo plan to offload that work. I'm paying $300/mo for just bookkeeping now. $180/mo including taxes seems like a steal to me.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Azure

Perpetual Motion
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
189%
Mar 12, 2016
439
829
32
1. You probably don't need it. Setup a separate bank account, don't mix with personal, and while your activity is low you can just do a year-end summary. I doubt at your size that the monthly financials will give you any actionable insight.
2. I have no idea how that business is making a profit. At those prices, I can't afford decent US-based help. Either they're lying about where their staff is, they are massively over-loaded on a per-accountant basis, or they're happy to bleed money until they get acquired/funded/IPO.

It's probably a combination of decently vetted foreign workers, and more importantly investment based on the potential return on the data gold mine that exists with the financial details for a large customer base.
 

PersianCub

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
132%
Feb 28, 2018
117
154
Atlanta
Excuse my late response, thanks for all the input guys. Right now it's a pretty simple operation so I think I'll play with the cheap option. It's crazy because they said I get my own bookkeeper & tax guy that I can contact whenever I want, and they're US based. It's almost too good to be true lol.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

PersianCub

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
132%
Feb 28, 2018
117
154
Atlanta
As @CareCPA said, set up a separate bank account. Don't pierce the corporate veil.

Also, consider adding FreshBooks for $25 a month.
Just got on Freshbooks, this is freaking great. Love how simple it is
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top